When it’s time to buy a car, most people seek out advice from their friends and family.
Each person has their own advice and insight, which is primarily based on experience… but more often than not, the advice is usually based on rumors and legend.
Here we de-mystify the car buying experience and spill the beans on the top car buying myths.
Myth 1: It’s better to mention your trade-in after you negotiate the final price of your vehicle.
This is one of the common ones we see at our dealership. And while our sales team will be glad to assist you no matter what happens, more often than not, this “trick” wastes more of your time than it does money. It’s always in our best interest to give our customers the best price possible.
Why? Well… we focus on a higher volume of sold cars, rather than seeking out high margins on each sale. But when you fail to reveal your true intentions up front, it slows down the process.
Why? We will still need to inspect your trade-in BEFORE finishing the deal. If you want to speed up the process, then it’s best to be honest at the beginning. You can come better prepared by requesting a trade-in evaluation before you visit.
Myth 2: If you decide to lease, negotiate the purchase price first.
I wouldn’t be so sure that this negotiation tactic will work out in your favor. Why? Most dealerships are eager to sign lease agreements. Leases usually come out lower than paying for a car outright… but you won’t have full ownership over the vehicle.
At Direct Auto Mall, we offer low-interest and easy to obtain financing that ANYBODY can use to buy a pre-owned vehicle.
Plus… we offer extended terms to give you the lowest monthly payments possible. We promise full financing disclosure, letting our customers afford a vehicle they love… and… allowing them to make more informed decisions.
Have any questions about financing? Let us help you.
Myth 3: Financing through a dealer is more expensive than financing with a bank.
Many dealerships have relationships with several different banks and don’t just work with one. At Direct Auto Mall, we work to get you financing at a very competitive rate. Plus… with our extended payment terms, we will lower the amount you have to pay each month on financing.
The key to getting the best financing is to never assume what you can confirm. You MUST do your homework. The bank might give you an amazing interest rate because you’re a long-time customer… or you can get a better price through our dealership. At Direct Auto Mall, we will explain our financing terms in plain English and we will do our best to guide you through the process.
Myth 4: Extended warranties are a rip-off.
A lot of people think that the additions that dealers try and sell are complete scams. Most people don’t want to pay for a tiny modification, so they end up glossing over extended warranties with the same mindset.
This is the wrong way to think about extended warranties. At Direct Auto Mall we ave a great reputation and a long history (over 15 years of service). The newer the car, the cheaper the warranty is. The warranty usually pays for itself, because when something goes wrong in your car, then you’re completely covered.
You won’t have to shell out hundreds and thousands of dollars to pay for repairs and service fees. You can even negotiate on the price of the warranty, too. Not just on the price of the car. Most people don’t know that.
So is an extended warranty worth the buy? Absolutely. Do you need to do your homework first? Of course.
Myth 5: Paying cash will get me a better deal than financing.
Paying cash is a good way of finalizing a deal on a car… if it’s within your means. But paying cash does NOT mean that a car is going to become cheaper. Truth is… if the car ends up breaking down or has expensive repairs, you’re going to shell out hundreds, if not thousands of more dollars.
Plus… it’s not a wise investment. Why? As soon as a car leaves the lot, the value of the car depreciates substantially. You’re already losing money when you pay with cash.
… but when you finance, a dealership makes more money. That also means your terms are going to be cheaper, too. Also when you finance, you get to keep the car once the term expires… and… you can get low monthly payments instead of having to shell out a large sum of money on the purchase.
While there are many more myths about buying a car, these are some of the most common we hear about. If you’re interest in buying a pre-owned vehicle, we would be glad to give you a hand.
Give us a call at 877-651-7166. Our dealership is located in Framingham, Massachusetts.